Audit blank

By Geralyn Edward, Business Editor | Tue, June 19, 2012 - 12:05 AM

The independent auditor for Almond Resorts Inc., (ARI) has refused to offer an opinion on that company’s 2011 consolidated financial statements.

PricewaterhouseCoopers (PwC), in its June 1 independent auditor’s report on the hotel group’s financial position, said it could not obtain “sufficient appropriate audit evidence to provide a basis for an audit opinion”.

The development comes as the local all-inclusive hotel group seeks buyers for its three hotels here, one of which – Almond Beach Village, St Peter – was closed last April because of mounting debt and a rundown plant.

The accounting firm, which was hired by Almond to audit its financial statements, said in the just released 2011 annual report: “Because of the significance of the matters described in the basis for disclaimer of opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.”

Read the full story in today's DAILY NATION.

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Posted by Pan Wallie 11 months ago: Who is surprised? Missing/misplacing/deleting/discarding/disregarding documents is all part ah we culture. So now the true financial status may never be known?

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Posted by Tony Waterman 11 months ago: What does this all mean in language that the ORDINARY PERSON can UNDERSTAND, I'll bet you $1.00 that PWC's BIll for telling us NOTHING will be LARGE.
"“Because of the significance of the matters described in the basis for disclaimer of opinion paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.”"
What the Hell does this GIBBERISH Mean